Various departments and agencies affiliated with the U.S. Government are often involved in the process of selling homes that they have acquired through the foreclosure process. These organizations then sell these homes to anyone who meets their requirements and financially qualifies to purchase the property. Each of these government affiliated entities maintains a website that displays the homes they have for sale and anyone can access these websites and view the properties. The information below briefly describes the function of the four primary U.S. Government related departments and agencies that sell these foreclosed homes and provides a link to their website. West Real Estate Agency is a registered HUD broker and we can assist you with viewing and purchase of any of these homes.
A HUD home is a residential property that was acquired by the Department of Housing and Urban Development (HUD) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to the public and other entities to recover their loss on the foreclosure claim. HUD Home Store is the website for HUD foreclosed residential properties. This website provides the public and other groups a centralized location to search the inventory of HUD properties that are available for sale. All HUD properties currently for sale can be viewed at their website.
Rick West, the Broker and owner of West Real Estate Agency is a registered HUD Broker and has many years of experience selling HUD homes. Buying a HUD home can provide you with substantial cost saving incentives. Our company also has contacts with experienced mortgage lenders who are approved HUD lenders.
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA- guaranteed and VA-financed loans. These acquired properties are then marketed for sale through a property management services contract with Vendor Resource Management (VRM). All VA properties currently for sale can be viewed at the Vendor Resource Management website.
VA owned homes are available for anyone to buy and they have great buyer programs. We can help you maximize the benefits they offer and insure a smooth closing. We have previously worked as a VA listing agent for their properties and we know their programs and procedures.
Fannie Mae Homes
Fannie Mae is a government sponsored enterprise chartered by Congress to keep money flowing to mortgage lenders and support affordable homeownership. Fannie Mae is a national mortgage finance company, but they do not offer home loans. Their purpose is to buy-up the loans made by local and national banks, thrifts, credit unions, and other financial institutions, thereby enabling these lenders to replenish their funds so they can lend to other homeowners. All Fannie Mae properties currently for sale can be viewed at their Homepath website.
The advantages of buying a Fannie Mae owned home are often overlooked by inexperienced real estate agents. We can provide you with expert advice and assistance in buying a Fannie Mae home. Their homes have a low down payment, no appraisal cost, and they will consider paying your closing costs.
Freddie Mac Homes
Freddie Mac is also a government sponsored enterprise chartered by Congress to keep money flowing to mortgage lenders and support affordable homeownership. Freddie Mac conducts business in the U.S. secondary mortgage market – they do not originate loans – and works with a national network of mortgage lending customers. Their purpose is to buy-up the loans made by their mortgage lending customers thereby enabling these lenders to replenish their funds so they can lend to other homeowners. All Freddie Mac properties currently for sale can be viewed at their Homesteps website.
Many real estate agents are unaware that Freddie Mac (the sister company to Fannie Mae) also sells foreclosed homes to the public. Freddie Mac homes offer some great benefits to buyers and they will also work with you on paying many of your costs and expenses. Call or email us and put our extensive experience selling foreclosed homes to work for you.